The Central Bank of Sri Lanka has permitted Indian private sector lenders Axis Bank and ICICI Bank to close their operations in the island nation, according to online news portal ColomboPage. This follows requests by their parent banks. The licenses issued to them will be cancelled once the winding-up operations are complete.
Read EquityPandit’s Nifty Bank Outlook for the Week
ColomboPage said the two banks are no longer permitted to carry on banking operations, including accepting deposits from the public.